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Lucy Brennan sets out the main tax concerns for business owners of succession planning

19 November 2012

When thinking of retiring, most people plan to ensure that they have sufficient funds in their pension to support their future after work. However, those running their own business, which may be the built-up capital that they were planning to use for their retirement, have other factors that need to be considered: the most important being what is going to happen to the business.

Advance planning

Succession planning in any business is vital. Planning what is going to happen to the business on retirement – be that a sale to new owners or a decision to pass the business down to the next generation – can be a long process and should be considered well in advance of retirement. There is no harm in having a five- or indeed ten-year plan in place.

Succession can be a difficult conversation to have, both from the perspective of the pe...

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